INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

NASDAQ:INDB • US4538361084

81.73 USD
+1.25 (+1.55%)
At close: Feb 25, 2026
81.73 USD
0 (0%)
After Hours: 2/25/2026, 8:21:13 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

4

Taking everything into account, INDB scores 4 out of 10 in our fundamental rating. INDB was compared to 379 industry peers in the Banks industry. INDB has a bad profitability rating. Also its financial health evaluation is rather negative. INDB is showing excellent growth while it is valued at reasonable prices. Keep and eye on this one! Finally INDB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

2

1. Profitability

1.1 Basic Checks

  • In the past year INDB was profitable.
  • In the past year INDB had a positive cash flow from operations.
  • In the past 5 years INDB has always been profitable.
  • INDB had a positive operating cash flow in 4 of the past 5 years.
INDB Yearly Net Income VS EBIT VS OCF VS FCFINDB Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

1.2 Ratios

  • INDB's Return On Assets of 0.72% is on the low side compared to the rest of the industry. INDB is outperformed by 65.70% of its industry peers.
  • With a Return On Equity value of 5.07%, INDB is not doing good in the industry: 77.04% of the companies in the same industry are doing better.
Industry RankSector Rank
ROA 0.72%
ROE 5.07%
ROIC N/A
ROA(3y)1.02%
ROA(5y)1%
ROE(3y)6.81%
ROE(5y)6.72%
ROIC(3y)N/A
ROIC(5y)N/A
INDB Yearly ROA, ROE, ROICINDB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

1.3 Margins

  • INDB's Profit Margin of 23.04% is in line compared to the rest of the industry. INDB outperforms 43.01% of its industry peers.
  • In the last couple of years the Profit Margin of INDB has remained more or less at the same level.
  • INDB does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 23.04%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-12.93%
PM growth 5Y-1.11%
GM growth 3YN/A
GM growth 5YN/A
INDB Yearly Profit, Operating, Gross MarginsINDB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • INDB has more shares outstanding than it did 1 year ago.
  • The number of shares outstanding for INDB has been increased compared to 5 years ago.
  • INDB has a worse debt/assets ratio than last year.
INDB Yearly Shares OutstandingINDB Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10M 20M 30M 40M
INDB Yearly Total Debt VS Total AssetsINDB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

2.2 Solvency

  • The Debt to FCF ratio of INDB is 1.80, which is an excellent value as it means it would take INDB, only 1.80 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of INDB (1.80) is comparable to the rest of the industry.
  • A Debt/Equity ratio of 0.10 indicates that INDB is not too dependend on debt financing.
  • INDB has a better Debt to Equity ratio (0.10) than 67.55% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.1
Debt/FCF 1.8
Altman-Z N/A
ROIC/WACCN/A
WACC11.49%
INDB Yearly LT Debt VS Equity VS FCFINDB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INDB Yearly Current Assets VS Current LiabilitesINDB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2019 2020 2021 2022 2023 2024 50M 100M 150M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

8

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 22.20% over the past year.
  • Measured over the past years, INDB shows a quite strong growth in Earnings Per Share. The EPS has been growing by 8.02% on average per year.
  • The Revenue has grown by 24.32% in the past year. This is a very strong growth!
  • Measured over the past years, INDB shows a quite strong growth in Revenue. The Revenue has been growing by 12.35% on average per year.
EPS 1Y (TTM)22.2%
EPS 3Y-1.46%
EPS 5Y8.02%
EPS Q2Q%40.5%
Revenue 1Y (TTM)24.32%
Revenue growth 3Y5.61%
Revenue growth 5Y12.35%
Sales Q2Q%43.58%

3.2 Future

  • The Earnings Per Share is expected to grow by 23.38% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, INDB will show a quite strong growth in Revenue. The Revenue will grow by 13.35% on average per year.
EPS Next Y33.52%
EPS Next 2Y23.38%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year21.39%
Revenue Next 2Y13.35%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
INDB Yearly Revenue VS EstimatesINDB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M 1B
INDB Yearly EPS VS EstimatesINDB Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2 4 6 8

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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 14.70 indicates a correct valuation of INDB.
  • Based on the Price/Earnings ratio, INDB is valued a bit more expensive than the industry average as 68.34% of the companies are valued more cheaply.
  • When comparing the Price/Earnings ratio of INDB to the average of the S&P500 Index (27.05), we can say INDB is valued slightly cheaper.
  • A Price/Forward Earnings ratio of 11.01 indicates a reasonable valuation of INDB.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of INDB is on the same level as its industry peers.
  • When comparing the Price/Forward Earnings ratio of INDB to the average of the S&P500 Index (28.03), we can say INDB is valued rather cheaply.
Industry RankSector Rank
PE 14.7
Fwd PE 11.01
INDB Price Earnings VS Forward Price EarningsINDB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, INDB is valued a bit more expensive than 73.09% of the companies in the same industry.
Industry RankSector Rank
P/FCF 20.26
EV/EBITDA N/A
INDB Per share dataINDB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as INDB's earnings are expected to grow with 23.38% in the coming years.
PEG (NY)0.44
PEG (5Y)1.83
EPS Next 2Y23.38%
EPS Next 3YN/A

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 2.87%, INDB has a reasonable but not impressive dividend return.
  • INDB's Dividend Yield is comparable with the industry average which is at 2.74.
  • Compared to an average S&P500 Dividend Yield of 1.80, INDB pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.87%

5.2 History

  • The dividend of INDB has a limited annual growth rate of 5.56%.
  • INDB has paid a dividend for at least 10 years, which is a reliable track record.
  • INDB has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.56%
Div Incr Years14
Div Non Decr Years30
INDB Yearly Dividends per shareINDB Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

  • INDB pays out 54.90% of its income as dividend. This is a bit on the high side, but may be sustainable.
  • INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP54.9%
EPS Next 2Y23.38%
EPS Next 3YN/A
INDB Yearly Income VS Free CF VS DividendINDB Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
INDB Dividend Payout.INDB Dividend Payout, showing the Payout Ratio.INDB Dividend Payout.PayoutRetained Earnings

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Find the best dividend stocksShow peers with best dividend

INDEPENDENT BANK CORP/MA

NASDAQ:INDB (2/25/2026, 8:21:13 PM)

After market: 81.73 0 (0%)

81.73

+1.25 (+1.55%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)01-22
Earnings (Next)04-15
Inst Owners85.87%
Inst Owner Change0.94%
Ins Owners0.78%
Ins Owner Change-1.35%
Market Cap4.05B
Revenue(TTM)857.52M
Net Income(TTM)179.82M
Analysts80
Price Target91.8 (12.32%)
Short Float %3.48%
Short Ratio5.09
Dividend
Industry RankSector Rank
Dividend Yield 2.87%
Yearly Dividend2.25
Dividend Growth(5Y)5.56%
DP54.9%
Div Incr Years14
Div Non Decr Years30
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.14%
Min EPS beat(2)-1%
Max EPS beat(2)1.28%
EPS beat(4)2
Avg EPS beat(4)-1.93%
Min EPS beat(4)-10.02%
Max EPS beat(4)2.05%
EPS beat(8)3
Avg EPS beat(8)-1.57%
EPS beat(12)6
Avg EPS beat(12)-1.77%
EPS beat(16)9
Avg EPS beat(16)1.94%
Revenue beat(2)1
Avg Revenue beat(2)-0.78%
Min Revenue beat(2)-1.57%
Max Revenue beat(2)0%
Revenue beat(4)1
Avg Revenue beat(4)-0.78%
Min Revenue beat(4)-1.57%
Max Revenue beat(4)0%
Revenue beat(8)1
Avg Revenue beat(8)-1.43%
Revenue beat(12)2
Avg Revenue beat(12)-1.53%
Revenue beat(16)5
Avg Revenue beat(16)-0.96%
PT rev (1m)7.91%
PT rev (3m)8.11%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-0.36%
EPS NY rev (1m)0.11%
EPS NY rev (3m)-0.61%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.57%
Revenue NY rev (3m)0.57%
Valuation
Industry RankSector Rank
PE 14.7
Fwd PE 11.01
P/S 5.19
P/FCF 20.26
P/OCF 18.84
P/B 1.14
P/tB 1.75
EV/EBITDA N/A
EPS(TTM)5.56
EY6.8%
EPS(NY)7.42
Fwd EY9.08%
FCF(TTM)4.03
FCFY4.94%
OCF(TTM)4.34
OCFY5.31%
SpS15.74
BVpS71.54
TBVpS46.83
PEG (NY)0.44
PEG (5Y)1.83
Graham Number94.6
Profitability
Industry RankSector Rank
ROA 0.72%
ROE 5.07%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 23.04%
GM N/A
FCFM 25.63%
ROA(3y)1.02%
ROA(5y)1%
ROE(3y)6.81%
ROE(5y)6.72%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-12.93%
PM growth 5Y-1.11%
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.1
Debt/FCF 1.8
Debt/EBITDA N/A
Cap/Depr 36.29%
Cap/Sales 1.94%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 111.22%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score3
WACC11.49%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)22.2%
EPS 3Y-1.46%
EPS 5Y8.02%
EPS Q2Q%40.5%
EPS Next Y33.52%
EPS Next 2Y23.38%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)24.32%
Revenue growth 3Y5.61%
Revenue growth 5Y12.35%
Sales Q2Q%43.58%
Revenue Next Year21.39%
Revenue Next 2Y13.35%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-9.14%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-10.56%
OCF growth 3YN/A
OCF growth 5YN/A

INDEPENDENT BANK CORP/MA / INDB FAQ

Can you provide the ChartMill fundamental rating for INDEPENDENT BANK CORP/MA?

ChartMill assigns a fundamental rating of 4 / 10 to INDB.


What is the valuation status for INDB stock?

ChartMill assigns a valuation rating of 4 / 10 to INDEPENDENT BANK CORP/MA (INDB). This can be considered as Fairly Valued.


How profitable is INDEPENDENT BANK CORP/MA (INDB) stock?

INDEPENDENT BANK CORP/MA (INDB) has a profitability rating of 2 / 10.


How financially healthy is INDEPENDENT BANK CORP/MA?

The financial health rating of INDEPENDENT BANK CORP/MA (INDB) is 2 / 10.


What is the earnings growth outlook for INDEPENDENT BANK CORP/MA?

The Earnings per Share (EPS) of INDEPENDENT BANK CORP/MA (INDB) is expected to grow by 33.52% in the next year.